Comments
Caller ID app Truecaller has discontinued all Unified Payments Interface (UPI) payments services in India.
The company had previously informed users that it will suspend all UPI services in India from March 8, according to a report by Medianama.
Also read: Feeling unsafe? Call in the Guardians
The company had been offering UPI services in India through Truecaller Pay.
The app had begun notifying users of the decision two weeks ago, it told LiveMint. “As per guidance from regulators, we gave two weeks’ notice to users,” a Truecaller spokesperson said as quoted by the report.
As per a notice sent to users by Truecaller as cited in the Medianama, users will no longer be able to transfer money, recharge or pay bills on the platform.
Their Truecaller UPI ID will be deregistered after ensuring zero-settlements with partner banks.
“All your data including transaction history, account information and other sensitive information related to UPI will be deleted from Truecaller systems after a statutory period of 180 days as directed by regulatory authorities,” read the notice.
The company further directed users to create UPI using their bank’s mobile app, BHIM UPI or other third-party apps.
A Truecaller spokesperson told LiveMint that the company was now focusing on “other opportunities” where it can serve the community well.
“The potential impact of such investment would be significantly higher compared to that of payments where many companies are already contributing. To summarise, this is a strategic decision to deprioritise payments, and focus on products and solutions that can help create significantly more impact in areas like communication, trust and safety,” the spokesperson said as quoted by Mint.
Truecaller Pay had nearly two crore registered UPI users at its peak during mid-2020, as per the report. Its banking partners included ICICI Bank and Bank of Baroda.
Also read: India among the top 10 countries affected by spam calls in 2020: Truecaller
The discontinuation of the UPI service will however not impact its lending operations. Users will be able to avail loans whenever they require it. The platform will continue to focus on its lending operations through its partnership with various non-banking financial companies (NBFCs), as per reports.
Truecaller recently also launched a new app called Guardians focusing on personal safety.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.